CPI Aerostructures Announces Receipt of $3.2 Million Contract Add-on from Sikorsky Aircraft
Tuesday July 31, 8:45 am ET
New Order Increases Total Value of the Contract to $7.6 Million
EDGEWOOD, N.Y.--(BUSINESS WIRE)--CPI Aerostructures, Inc. (AMEX Symbol: CVU - News; "CPI Aero") announced today that Sikorsky Aircraft Corp. ("Sikorsky") has placed an additional order valued at approximately $3.2 million to provide Sikorsky with Hover Infra Red Reduction System (HIRRS) module assemblies for use as spares on the UH-60 BLACK HAWK helicopter. This contract is expected to satisfy Sikorsky's anticipated spares requirements through early 2009. There are two HIRRS assemblies used on each helicopter, and there are approximately 1,500 UH-60 BLACK HAWK helicopters currently using this HIRRS configuration. Sikorsky is a business unit of United Technologies Corp. (NYSE: UTX - News).
"We are very proud that Sikorsky, a leading helicopter manufacturer, has issued this follow-on award to CPI Aero," stated Edward J. Fred, CPI Aero's CEO & President. "The initial order for the HIRRS assemblies, valued at $4.4 million, was awarded to CPI Aero in September 2006. Since then, we have delivered approximately $2.4 million, and this new order brings the total value of the remaining deliveries to $5.2 million. This significant follow-on order is a testament to the quality and timeliness of the assemblies we have already provided to them, and further establishes our relationship with this valued customer."
Mr. Fred continued, "This award brings the total year-to-date amount to $15.8 million, compared to $8.5 million for the same period last year. Represented in this year's total is $10.9 million in subcontract awards from major aerospace companies, compared to $7.0 million awarded for all of 2006. This increase in subcontract awards is an indication of our continued efforts to diversify our customer base and increase the proportion of work performed in our capacity as a subcontractor to major prime contractors."
About Sikorsky Aircraft
Sikorsky Aircraft Corporation, based in Stratford, Conn., is a world leader in helicopter design, manufacturing, and service. United Technologies Corp., based in Hartford, Conn., provides a broad range of high-technology products and support services to the aerospace and building systems industries.
About CPI Aero
CPI Aero is engaged in the contract production of structural aircraft parts principally for the U.S. Air Force, other branches of the armed forces and leading prime defense contractors. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, the E-3 Sentry AWACS jet, the UH-60 Black Haw helicopter, S-92 helicopter and the MH-60S mine countermeasure helicopter.
The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero's SEC reports, including CPI Aero's Form 10-K for the year ended December 31, 2006 and Form 10-Q for the quarter ended March 31, |
